Flexible Mortgage Solutions
TD mortgages have options that fit your life and help you prepare for the unexpected. Whether you’re having a baby, taking a sabbatical, or your financial needs grow and change with time, a TD mortgage offers a range of flexible features to suit you.
The Ready-For-Anything Mortgage
Watch HGTV’s Sarah Richardson as she talks mortgage features flexibility with new homeowners.
Pay your mortgage faster and save money
Increase the frequency of payments
Take advantage of biweekly or weekly payment options. To do so, halve the monthly payment amount you currently make, or even quarter it and make payments on a weekly basis. The result? You pay less interest over time, and more of your money will go against the principal you owe.
Take advantage of increased payment options
By increasing your mortgage payment amount, you can reduce your interest costs and have the benefit of paying down your mortgage faster. As a TD Canada Trust customer, you may increase your payment by up to 100% of the regular payment amount during the term of the mortgage once per calendar year.
Take advantage of lump sum payments
You can pay off your mortgage faster by making lump sum pre-payments. Lump sum pre-payments are applied to your principal amount, and can significantly reduce your interest costs. As a TD Canada Trust customer, you can make a lump sum pre-payment of up to 15% of the original borrowed amount each year without prepayment charge on your closed mortgage term.
Combine money saving strategies
You don’t have to use just one strategy to save – you can combine all three of the ideas outlined above.
Need to take a breather from your mortgage? No problem.
When you need to take a break from your mortgage payment or respond to an unexpected situation, it is great to know that you have the flexibility to pause a mortgage payment. Skip the equivalent of one monthly mortgage payment, one time per calendar year, no more than four times during the amortization period of your mortgage.
If you're preparing for a big or life-changing event like staying home with a new baby or taking a sabbatical from work, consider a payment vacation. Make lump sum pre-payments or pre-pay a little more each month towards the opportunity to take up to 4 months off from making your mortgage payment when it benefits you the most.
Planning on taking a parental leave, a sabbatical from work, pursuing your studies while working part-time, or financing an unexpected expense? A payment reduction is a good feature to consider. A payment reduction lets you continue making a portion of your mortgage payments, while making room for a new chapter in your life. You can either plan ahead and prepay the reduced amount of your mortgage payments, or take a one-time payment reduction.
Some conditions apply. Ask us for additional details.